Pay less with a high credit score

This shouldn’t be news to anyone who has followed this blog for sometime.

Simple: the higher your score the less you pay. Two people with good and bad credit will pay drastically different amounts for the same thing. So the goal is to get that score higher so you can pay less…

“If you’re at the 720 mark, you have some bargaining power,” he says. “If you’re in the mid-700s upward, you’re going to get the very best rates available.”The Web site www.myfico .com lists six stratifications within the prime credit range of 620 to 850. Below 620 you’ll be offered subprime rates, if you’re offered credit at all. Above 760 is equivalent to an “A,” says Travis Plunkett, legislative director at the Consumer Federation of America.According to myfico’s daily updated mortgage rate data, that 760 credit score translates to a 6.3 percent interest rate on a 30-year fixed, $216,000 mortgage. Meanwhile, a 700 score would get a 6.52 rate. A 620 score would pay more than a full percentage point higher, 7.89 percent, for the same mortgage.

Pay less and save more with a high credit score – Orlando Sentinel : Home & Garden Pay less and save more with a high credit score – Orlando Sentinel : Home & Garden

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